The 2017 comparative income statement and balance sheet of Flowell Design Ltd. follow: Flowell Design Ltd. had
Question:
Flowell Design Ltd. had no non-cash financing and investing transactions during 2017. During the year, there were no sales of land or plant and equipment, and no issuances of notes payable.
Required
1. Prepare the 2017 cash flow statement, formatting operating activities by the direct method.
2. Evaluate the 2017 cash flow for this company.
Transcribed Image Text:
FLOWELL DESIGN LTD. Income Statement For the Year Ended June 30,2017 Revenues: $257,000 13,600 Sales revenue Interest revenue Total revenues Expenses: Cost of goods sold Salaries expense Amortization expense Other operating expenses Interest expense Income tax expense $76,600 27,800 4,000 10,500 16,600 27240 163,300 $107,300 Total expenses Net income FLOWELL DESIGN LTD Balance Sheet June 30, 2017 and 2016 2017 2016 Current assets 6,300 26,900 Cash and cash equivalents Accounts receivable Interest receivable Inventories Prepaid expenses 7,200 31,600 1,900 57,200 1,900 49,400 54,000 $196,400 Plant and equipment, net 103,000 Total assets Current liabilities $246,300 Accounts payable Interest payable Salaries payable Other accrued liabilities Income tax payable 31,400 4,400 3,100 13,700 8,900 28,800 4,900 6,600 16,000 7,700 Long-term liabilities Notes payable 75,000 95,000 Shareholders' equity Common shares 68,300 41,500 $246,300 Retained earnings Total liabilities and shareholders' equity $196,400
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Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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